金吾财讯 | 中邮证券发研指，百胜中国(09987)发布24Q4及24年财务业绩公告，24年公司实现营收113.03亿美元，同比+3%，归母净利润9.11亿美元，同比+10%。其中24Q4公司实现营收25.95亿美元，同比+4%，归母净利润1.15亿美元，同比+19%。该行指，公司作为国内餐饮行业龙头，兼具传统和创新的特性。短期来看，25年公司扩店1600-1800家，26年冲击2万家门店，同店有望延续交易量继续上行的趋势，公司推出 Fresh Eye、Red Eye等计划，将有效提升公司的运营效率，餐厅净利率有望持续上行。长期来看，公司业绩韧性十足。该行表示，预计公司25-27年营业收入增速为4.6%、6.3%、5.7%，归母净利润增速为2.2%、10.9%、12.4%，EPS分别为2.47、2.74、3.09美元/股，当下股价对应PE分别为20x、18x、16x。首次覆盖，给予“买入”评级。
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